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Wills
- Wills are created to dispense property as last wishes
- Without a will the state may assist in the division of property & assets
A will is defined as a witnessed legal document directing the disposal of your property after your death. Without a will, you leave your estate planning in the hands of a third party, usually the state, to govern how your assets will be distributed. This usually involves considerable costs as an external administrator will have to be paid for their services. If your spouse is named the administrator, he or she may have to post a financial bond. Issues such as lengthy amounts of time to resolve the estate and the possibility of paying excessive state and federal taxes on the estate becomes a concern. In some cases, your surviving family may receive portions of your estate that you did not intend. Depending on your circumstance, a will can also detail who you want to have as a guardian of your children. The will also allow you to name a fair executor of your estate. In other words, it allows you to direct how and to whom your assets will be distributed. An attorney will assist you in detailing the precise wording of your will to eliminate confusion and misunderstanding in the event of an untimely death.
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